FDIC Tells Crypto Exchange CEX.IO to Stop Claiming US Dollars Held in Its Wallets Are Insured

The agency said that a section of CEX.IO’s website inaccurately states that “U.S. dollars held in your CEX.IO fiat currency wallet are FDIC-insured up to $250,000 per account.” But the FDIC noted in its letter that “no qualifications, clarifications, or limitations are made in connection with this representation, and no insured depository institution or institutions (IDIs) are identified in connection with this statement.”

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